The Spanish Parliament has set up a special Committee to scrutinise what led to the financial crisis ten years ago. But the craving for finding individual culprits will overrun any reasonable attempt to search for the simple truth that no one could foresee the crisis.
We have read that in Tarragona, a province in Catalonia, a flat has been sold for 40000 bitcoins, because that’s what the owner wanted.
Spanish companies without any subsidies or bailouts have turned themselves around and transformed the former autarchy into a country decidely open to the overseas market.
Spain ended 2017 with 611.146 more people in a job, a notable improvement on the results of the previous four years. The number of people signed on with the Social Security rose 3.4% to 18.460.201 from a year earlier.
Hispania has become the sole owner of Bay Hotels & Leisure by acquiring Grupo Barceló’s 19.5% of the company for an agreed price of 172,4 million euros, according to a statement filed by the socimi with the Spanish stock market regulator. Hispania is now the largest hotel owner in Spain.
Ever since the nationalists in Catalonia flared a low key rebellion against Madrid, the region seems close to the world depicted by Aldous Huxley. They are attempting to create a brand new life, erasing all Spanish vestiges from early childhood onwards.
Spain’s tourism industry has clocked up a new record. Funcas estimates that by year-end 81.5 million tourists will have visited the country, up 8.2% on 2016. Tourist spending will be around 87 billion euros, up 12% from a year earlier.
Whether the secessionists lead the new Catalonia’s government or not after December 21 elections, the weakened Spanish government will be inevitably forced to go through a negotiated constitutional reform which, amongst other objectives, will aim to satisfy the unrepentant Catalan nationalism.
The Constitutional Court has declared null and void the agreement reached by the Spanish government in 2014 to resolve the problem of the Castor gas storage warehouse, the biggest in Spain, and the subsequent controversial €1.350 billion compensation given to the concessionary firm Escal (in which ACS has 66%). The ruling also says the compensation system set up allowing Enagás to charge consumers for the cost of Castor via their gas bill is illegal.
The stability in Spain’s growth in the fourth quarter compared with the third is the result of two forces pulling in opposite directions: the strength of the export markets has offset the adverse effect of increased political uncertainty in Catalonia.